Is that how it went? My feeling is that more and more people are realising that social media are terrible for the children (well, for everybody, but children we want to protect). Therefore more governments are looking into preventing children from accessing social media. Therefore social media companies are trying to lobby for whatever is better for them.
For Meta, it's better to have age verification than to downright ban social media.
In my experience they DO want more regulation. Regulation that helps them. The automobile’s industry was lobbying for years to have all kinds of things mandatory. They invented lots of standards and pseudo standards. At the end they shoot themselves in the foot.
For Meta, it's better to have age verification than to downright ban social media.